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NOTE MODIFICATION AGREEMENT
(ALLONGE)
THIS NOTE MODIFICATION AGREEMENT is dated as of April 12th, 1996,
between GREEN MOUNTAIN COFFEE ROASTERS, INC. (f/k/a Green Mountain
Coffee, Inc.), a Vermont corporation with a principal place of business
at 33 Coffee Lane, Waterbury, Vermont 05676 (the "Borrower") and FLEET
BANK-NH, a New Hampshire bank with an address at Mail Stop NHNA E02A,
1155 Elm Street, Manchester, New Hampshire (the "Bank").
PREAMBLE
--------
The Borrower executed and delivered to the Bank its Term Loan
Promissory Note dated August 11, 1993, in the original
principal amount of Six Hundred Twenty-three Thousand Dollars
($623,000.00) (the "Note"). The Bank and the Borrower have
agreed to a change the variable interest rate applicable to
outstanding principal under the Note.
Accordingly, in consideration for the premises contained herein
and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrower and
the Bank agree as follows (all terms used herein shall have the
meanings given in the Note unless expressly defined herein):
1. Interest Rate. Effective as of the date hereof, the
interest rate on the Note is reduced from a variable rate equal
to the Bank's Base Rate plus one and one-quarter percent
(1.25%) per annum to a variable rate equal to the Bank's Base
Rate plus one-quarter percent (.25%) per annum. The Borrower
may also elect a LIBOR based rate of interest to apply to
outstanding principal under the Note, all in accordance with
and subject to the terms and conditions of the Seventh
Amendment and First Restatement of Commercial Loan Agreement of
even date herewith, entered into by and between the Borrower
and the Bank, and as said agreement may be further amended from
time to time (collectively, as amended, the "Loan Agreement").
2. No other Change. Except as expressly modified herein,
the terms of the Note remain unchanged and are in full force
and effect. In no event shall this Note Modification Agreement
constitute a novation or discharge of the Note or the
indebtedness evidenced thereby.
3. References. All references to the "Note" in any
agreements, mortgages, or instruments securing or otherwise
pertaining to the indebtedness evidenced by the Note or
otherwise referring to the Note shall be deemed to refer to the
Note as hereby modified.
4. Collateral. The Note, as hereby modified, continues
to be secured pursuant to the Loan Documents as defined in the
Loan Agreement.
5. Allonge. An original counterpart of this Agreement has
been attached to the Note and shall constitute an allonge to
the Note such that the Note and this Agreement shall constitute
a single instrument.
IN WITNESS WHEREOF, the Bank and the Borrower have executed and
delivered this Note Modification Agreement as of the day and
year first above written.
BANK:
FLEET BANK - NH
/s/ Catherine Consentino By: /s/ Andre P. Pelletier
------------------------ ----------------------------------
Witness Andre P. Pelletier, Vice President
BORROWER:
GREEN MOUNTAIN COFFEE ROASTERS, INC.
/s/ Betty Omansky By: /s/ Robert D. Britt
----------------- ---------------------------------
Witness Robert D. Britt, Chief Financial Officer
STATE OF NEW HAMPSHIRE
COUNTY OF HILLSBOROUGH, SS.
On this the 12th day of April, 1996, before me, the
undersigned notary or justice, personally appeared Andre P.
Pelletier, who acknowledged himself to be a Vice President of Fleet
Bank - NH, and that he, as such authorized officer, being
authorized so to do, executed the foregoing instrument for the
purposes therein contained, by signing the name of the bank by
himself as such authorized officer.
/s/ Catherine A. Consentino
---------------------------
Justice of the Peace
STATE OF Vermont
COUNTY OF Washington, SS.
On this the 12th day of April, 1996, before me, the
undersigned notary or justice, personally appeared Robert D. Britt,
who acknowledged himself to be the Chief Financial Officer of Green
Mountain Coffee Roasters, Inc., a corporation, and that he, as such
authorized officer, being authorized so to do, executed the
foregoing instrument for the purposes therein contained, by signing
the name of the corporation by himself as such authorized officer.
/s/ Betty Omansky
-----------------
Notary Public